Urgent Help Needed

Hi sir/ma'am,

My name is Miles, im currently working in a BPO company as a phoen specialist. Im sending this email, seeking for a legal advice regarding a contract i signed. Last April 2015, I personally applied a loan to get a Macbook Pro for home credit philippines to which i made a down payment of 15,000 on that time. Dated today, i have paid 3consecutive months for the monthly recurring payment of 5,250 due on every 10th of each month specific dates paid were may until july.

Now due to financial difficulty i failed to pay on months of aug, sept and oct as my family and I undergone a financial crises due to me being sick. I just have few questions that needs to be answered as i truly want this to be settled if I were given enough time.

Currently a field collecting officer has been visiting my house asking for may payment. Apart from which im recieving constant calls from homecredit phil as well for like more than 10 times a day to which i could no longer count. They've told me thats the calls are agreed upon due to the contract i have signed.
1. What case can be filed against me if ever i failed to pay?
2. What move can i do to settle this, will it be possible to settle the amount on a monthly basis once i have fully recovered from my current financial status with the teue value of the item i have gotten.
3. Is it legal that these people would contact me all day thru calls and visitation? And what can i do to stop this?

Thank you for answering my query. Looking forward for your helpful guidance.

Thank you.

I worked as a collection representative for credit cards and home credit is no difference with the credit card company here in PI. I am not an expert regarding their terms yet I can give you some indirect answers regarding your query.
1. What case can be filed against me if ever i failed to pay?
- They can file a small scale estafa against you.
2. What move can i do to settle this, will it be possible to settle the amount on a monthly basis once i have fully recovered from my current financial status with the teue value of the item i have gotten.
- All lending companies collateral/non collateral loans will be subject for interest. They may apply some interest on the months you missed to pay. Some lending companies offers reconstruction of debts (you may want to ask them re: that option) but you have to give them the date as to pay you will start paying for it.
3. Is it legal that these people would contact me all day thru calls and visitation? And what can i do to stop this?
- If it is a business hours 8-5 or 9-6 Mon to Fri, yes it is legal BUT as you know collections agents will keep on calling you or they may visit your house to collect money so the sad part is (as far as I know) we don’t have a strict law regarding collection officers who harassed borrowers. But you can make an arrangement with them unlike in the US that customers can opt out for collection calls here in PI we have no such thing so it is better to explain to their collectors your situation and make an arrangement with them.
If worst case scenario you really can’t pay for your item you may want to consider returning it to them or selling it. I know how devastating your situation and how emotionally stressed are with this but there’s no escape on this but to talk to them and make arrangements.
God Bless.